Sensex, Nifty Shrug Off Weak Global Cues To End Higher
(RTTNews) - Indian shares eked out modest gains on Thursday despite weak global sentiment following the release of hawkish Fed meeting minutes.
Benchmark indexes Sensex and Nifty hit fresh record highs despite concerns over U.S. rate hikes and a fresh trade tussle between the U.S., Europe and China.
The benchmark S&P/BSE Sensex ended the session up 339.60 points, or 0.52 percent, at 65,785.64, driven by unabated foreign fund inflows.
The broader NSE Nifty index settled 98.80 points, or 0.51 percent, higher at 19,497.30, with heavyweight Reliance Industries and auto stocks pacing the gainers.
Mahindra & Mahindra soared 5 percent after reporting domestic car sales figures for the month of June.
Reliance Industries, Tata Motors, Power Grid Corp and Apollo Hospitals Enterprise rallied 2-4 percent.
On the losing side, Eicher Motors led losses to end 2.5 percent lower while Bajaj Finance, HCL Technologies, Maruti Suzuki India and HDFC Life fell 1-2 percent.
The rupee ended at a one-month low against the dollar and gold prices were mixed in European trade while two-year Treasury yields traded close to their highest level since 2006 on concerns about the trajectory of U.S. monetary policy.
On Wednesday, the Fed's June meeting minutes showed policymakers anticipate two more interest- rate hikes in 2023 to bring inflation back down.
Oil prices rose after industry data showed a decline in the crude oil inventories in the United States.
As U.S. recession worries ease, investors await the all-important U.S. jobs report due on Friday for additional clues on the economic and rate outlook.
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